Investment Sales

Foster-Creek-Tukwila
BerkadiaInvestment SalesNewsWashingtonWestern

Berkadia Arranges Seattle Suburb Sale of Foster Creek

by Lynn Peisner

TUKWILA, WASH. — Investors Management Group has sold Foster Creek, a 179-unit property in Tukwila, 12 miles south of Seattle. According to the Puget Sound Business Journal, the sales price was $28.3 million, and the buyer was Spokane Indian Housing Authority. Managing Directors Benjamin Johnson and David Sorensen, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the seller. Senior Managing Director Tim Leonard and Managing Director Chris Crump of Berkadia Dallas secured the acquisition financing on …

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FloridaInvestment SalesNewsSoutheast

Mesa Capital Partners Acquires The Julington in Jacksonville

by Lynn Peisner

JACKSONVILLE, FLA. — Mesa Capital Partners has acquired The Julington in the Mandarin neighborhood of Jacksonville. Developed in 2023 by local firm RISE Development, the 260-unit property features coworking spaces, a resort-style pool, pet spa, a garden and more. Financing for the acquisition was arranged through Walker & Dunlop’s Atlanta office. Pegasus Residential will oversee day-to-day property management. Atlanta-based Mesa Capital owned approximately 800 units in the Jacksonville metro area between 2013 and 2021. The acquisition of the Julington marks the investment and development firm’s re-entry to the market. Seller …

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Vue-Kirkland
Affordable HousingInvestment SalesNewsWashingtonWestern

Berkadia Arranges Sale of Vue Kirkland

by Lynn Peisner

KIRKLAND, WASH. — Acacia Capital has sold Vue Kirkland to BRIDGE Housing for an undisclosed sum. Managing Directors David Sorensen and Benjamin Johnson, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the California-based seller. BRIDGE Housing is planning to convert the 200-unit market-rate community to affordable housing, offering units to tenants earning between 50 and 80 percent of area median income. The property was built in 1977.

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275-Linden-Blvd
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges Sale in Brooklyn for $10.8 Million

by Lynn Peisner

BROOKLYN, N.Y. — Marcus & Millichap has arranged the sale of 275 Linden Boulevard, a 101-unit building in Brooklyn, for $10.8 million. The transaction marks the first time the property has changed hands in approximately 60 years. Shaun Riney and Daniel Greenblatt, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property and represented the unidentified seller. Seth Glasser, also with Marcus & Millichap, procured the buyer, a private family office out of California. Built in 1930, the six-story, 135,714-square-foot property includes three elevators. The building sits on a …

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553-555-Victoria-St_Costa-Mesa_2
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $8.6 Million 1031-Exchange Sale in Costa Mesa

by Lynn Peisner

COSTA MESA, CALIF. — CBRE has arranged the $8.6 million sale of a 13-unit property at 553 and 555 Victoria St. in Costa Mesa, about 40 miles south of Los Angeles. CBRE’s Dan Blackwell, Mike O’Neill and Jack O’Connor represented the Costa Mesa-based private seller. The 1031 buyer is a private investor based in Huntington Beach, California. The property was on the market for the first time in approximately 47 years. Located on a 0.8-acre lot, the property contains 10 buildings with 13,712 square feet of rentable space. The unit …

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NOVO Apartments
Affordable HousingDevelopmentFinanceInvestment SalesNews

Community HousingWorks Completes L.A. Metro Acquisition, Plans Affordable Conversion

by Lynn Peisner

ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about …

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The-Lively-Drayton-Mills
BerkadiaInvestment SalesNews

Berkadia Negotiates $53 Million Spartanburg Sale

by Lynn Peisner

SPARTANBURG, S.C. — Orange Capital Advisors has sold The Lively Drayton Mills in Spartanburg to BridgeGaps Real Estate for $53 million. Senior Managing Directors David Lansbury and Jim Sewell and Managing Director Erika Maston of Berkadia Charleston led the transaction on behalf of the seller. The Lively Drayton Mills is a 297-unit, garden-style property located at 225 Milliken St. that was 92 percent occupied at the time of sale. It was developed in 2023 and features such amenities as a fitness center and pet spa.

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Renaissance-at-Strawberry-Creek
FloridaInvestment SalesNewsSoutheast

NAI Hallmark Brokers Jacksonville Sale

by Lynn Peisner

JACKSONVILLE, FLA. — The Focus Group has sold Renaissance at Strawberry Creek in Jacksonville for $23.4 million to Huber Equity Group. NAI Hallmark Senior Vice President John Rutherford and Vice President Luke McCann brokered the transaction on behalf of the seller and buyer. The 195-unit property was developed in 1969 and was renovated most recently in 2024. Units are offered in floor plans ranging from one to three bedrooms. Renaissance at Strawberry Creek consists of 14 three-story buildings and a clubhouse situated on about 11 acres.

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The Maddux at Shadowood
GeorgiaInvestment SalesNewsSoutheast

Marcus Partners, RPM Investments Buy Asset Near Truist Park in Atlanta

by Lynn Peisner

ATLANTA — Marcus Partners and RPM Investments have acquired The Heights at Shadowood, a 287-unit community in Atlanta, for an undisclosed price. The property, developed in 2023 by the Worthing Cos., is one mile from the mixed-use district known as The Battery and Truist Park, home stadium for the Atlanta Braves. The new owners are planning to rename the community The Maddux at Shadowood. Don Hoffman of CBRE Southeast arranged the sale.

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UplandFlats Thompson Thrift
ColoradoInvestment SalesNewsWestern

Thompson Thrift Sells Upland Flats in Colorado Springs

by Lynn Peisner

COLORADO SPRINGS, COLO. — Thompson Thrift has sold Upland Flats in Colorado Springs to NALS Apartment Homes for an undisclosed figure. Matt Barnett, Dan Woodward, Jake Young and Dave Potarf of Walker & Dunlop brokered the sale. Thompson Thrift began developing the 300-unit community in 2021. Equity for the project was provided by the Watermark 2021 Multifamily Development Fund III LP. Situated on 15.5 acres, Upland Flats’ amenity package includes 24-hour fitness centers, community gardens, dog parks and more.

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